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    Max Michaelis • Lake Street Capital Markets

    Max Michaelis's questions to Transcat Inc (TRNS) leadership

    Max Michaelis's questions to Transcat Inc (TRNS) leadership • Q1 2026

    Question

    Max Michaelis of Lake Street Capital Markets asked about the historical growth profile of the newly acquired ESCO Calibration. He also sought clarity on the fiscal 2026 outlook, specifically what the forecast for high single-digit organic revenue growth implies for the performance of the Transcat Solutions business.

    Answer

    CEO Lee Rudow described ESCO's historical growth as consistent and similar to Transcat's, driven by sustained investment in capabilities and personnel. Regarding the outlook, Rudow explained that the projection for a return to high single-digit organic growth in the second half of the fiscal year incorporates an expected stabilization in the Transcat Solutions business, which remains an important differentiator for the company.

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    Max Michaelis's questions to American Public Education Inc (APEI) leadership

    Max Michaelis's questions to American Public Education Inc (APEI) leadership • Q2 2025

    Question

    Max Michaelis of Lake Street Capital Markets asked about future growth plans for Rasmussen, including new programs and campus expansions, following the removal of a Department of Education restriction. He also inquired about Q2 NCLEX score trends and the company's capital allocation priorities, including stock repurchases.

    Answer

    CEO Angela Selden stated that a multi-year view of campus and program strategy will be detailed at the November 20th Investor Day. She noted that Q2 NCLEX results are still pending from some states but are pacing as expected. CFO Richard Sunderland ranked investment priorities as: 1) organic growth initiatives, 2) tuck-in acquisitions, 3) maintaining regulatory cash levels, and lastly, 4) stock repurchases or dividends. He confirmed no shares were repurchased in Q2.

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    Max Michaelis's questions to Pure Storage Inc (PSTG) leadership

    Max Michaelis's questions to Pure Storage Inc (PSTG) leadership • Q1 2026

    Question

    Max Michaelis of Lake Street Capital Markets asked whether future hyperscaler wins would necessitate a similarly substantial investment or if there would be opportunities for leverage and savings.

    Answer

    CEO Charles Giancarlo confirmed that he expects to see significant leverage in design and investment for subsequent hyperscaler engagements. He explained that fundamental capabilities developed for the first partner are reusable, and future work would be a fraction of the initial effort, focusing on areas like management integration. He cited the expensive process of qualifying flash suppliers as a one-time investment that will benefit future deals.

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